Financial Advisor Sentenced for Embezzling Millions from Pop Star Alanis Morissette, Others

As long as there are wealthy celebrities, there will be financially ravenous souls eager to try to separate them from their hard-earned dough…by any means.

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One such person, Jonathan Todd Schwartz, a purported “financial advisor,” was sentenced May 3 to six years in the federal slammer for embezzling over $7 million from pop star Alanis Morissette and other clients, according to WMUR.com.

In the words of Morisette, Schwartz “did this in a long, systematic, drawn-out and sinister manner.” The singer claims that at the rate Schwartz was stealing from her, she would have had to declare bankruptcy inside of three years.

It was while Schwartz was working at GSO Business Management, a high-profile celebrity management firm in Sherman Oaks, California, that he stole nearly $5 million from Morisette, as well as another $2 million from five other GSO clients.

According to Bernard Gudvi, founder of GSO, the reputation hit suffered by his company from Schwartz’s outrageous behavior has required him to lay off nearly a dozen employees, and estimates the overall financial loss suffered by his business to be in the neighborhood of $20 million.

U.S. District Judge Dolly Gee actually sentenced Schwartz to a period longer than the five years sought be prosecutors, citing the “sheer audaciousness of this conduct.” In addition to his six-year prison term, Gee also mandated that Schwartz to pay $8.6 million in restitution.

The information contained here is for general information purposes only. The Financial Writer blog and Bob Yetman disclaim responsibility for any liability or loss incurred as a consequence of the use or application, either directly or indirectly, of any information presented herein. Nothing contained in this article, or any other article featured at this blog, should be construed as a solicitation or recommendation to engage in any financial transaction. You should seek the advice of a qualified professional before making any changes to your personal financial profile.

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